FRIES MICHAEL T 4
4 · Liberty Global Ltd. · Filed Jun 2, 2026
Research Summary
AI-generated summary of this filing
Liberty Global CEO Michael Fries Receives Equity Awards
What Happened
Michael T. Fries, President & CEO and a director of Liberty Global Ltd. (LBTY), received two equity awards on 2026-06-01: 649,086 Performance Share Units (PSUs) and 519,268 Restricted Share Units (RSUs). Both grants are reported as awards (derivative transactions) under the company’s 2026 Long Term Incentive Plan; no cash was paid for these awards in the Form 4 filing.
Key Details
- Transaction date: 2026-06-01; Form 4 filed 2026-06-02 (timely filing).
- Awards: 649,086 PSUs (reported at $0.00) and 519,268 RSUs (reported as N/A). Total units granted = 1,168,354.
- Nature: Derivative awards (code A). For Mr. Fries, each PSU/RSU represents a contingent right to receive one Class B common share if/when vesting conditions are met. No sale or purchase of stock occurred.
- Vesting/performance: PSUs are performance-based (stock-price hurdles) over 2026–2028 with cliff vesting on Feb 15, 2029; payout 0–100% with up to 200% if overperformance occurs. RSUs vest in three equal annual installments beginning May 1, 2027. (See filing footnotes; Plan described in company Form 8-K filed Apr 1, 2026.)
- Shares owned after transaction: not specified in the provided filing excerpt.
- Trading symbols: LBTYA, LBTYB, LBTYK.
Context
These are compensation awards, not open-market purchases or sales, so they reflect executive pay rather than an immediate buy/sell signal. PSUs are contingent on multi-year performance metrics and cliff vesting, while RSUs vest over time, meaning value realization depends on continued employment and meeting performance/time-based conditions.
Insider Transaction Report
- Award
Performance Share Units B
[F1]2026-06-01+649,086→ 649,086 total→ Class B Common Shares (649,086 underlying) - Award
Restricted Share Units B
[F2][F3]2026-06-01+519,268→ 519,268 total→ Class B Common Shares (519,268 underlying)
Footnotes (3)
- [F1]Performance Share Units ("PSU") issued as part of the reporting person's annual award under the 2026 Long Term Incentive Plan (the "Plan") on the same terms as apply to all eligible employees. For Mr. Fries as CEO, under his employment agreement he has the ability to receive his PSU awards in Class B common shares and therefore in his case each PSU represents a contingent right to receive one class B common share. Pursuant to the Plan, PSUs are subject to performance conditions (applicable to all participating employees) based upon achievement of stock price hurdles over a three-year period from January 1, 2026 to December 31, 2028 with "cliff' vesting on February 15, 2029, assuming continued employment. PSUs will vest from 0-100 percent, with an opportunity to earn more if there is overperformance, capped at 200 percent. The Company filed a Form 8-K on April 1, 2026 describing the terms of the Plan.
- [F2]Restricted Share Units ("RSU") issued as part of the reporting person's annual award under the Plan on the same terms as apply to all eligible employees. For Mr. Fries as CEO, under his employment agreement he has the ability to receive his RSU awards in Class B common shares and therefore in his case each RSU represents a right to receive one class B common share.
- [F3]The RSUs vest in three equal annual installments commencing on May 1, 2027.